1816 Mcdowell StCharlotte, NC 28205

Property Details for 1816 Mcdowell St

Year built

1966

Lot size

0.51 AC

Property size (Sq ft)

7,776 SF

Zone code

R5

Property type

Residential income properties

Property subtype

Garden apartment buildings

APN

8304304

APU

8304304

Description

This exceptional 8-unit apartment building presents a compelling investment opportunity in Charlotte, NC. The property, located at 1816 N McDowell St, boasts 6,400 square feet of net rentable space across two, two-story buildings on a 21,780 square foot lot. Completely renovated in 2022, each unit features quality finishes, new appliances, and updated fixtures and flooring. The property currently enjoys 100% occupancy (as of July 1, 2024), generating a Net Operating Income (NOI) of $142,000, resulting in a 6.31% capitalization rate. Pro-forma projections, assuming renovation of a ninth unit, increase the NOI to $176,000 and the cap rate to 7.82%. The asking price is $2,250,000, or $281,250 per unit. Twelve parking spaces are available for residents. The property is zoned R-5 and is conveniently located near Uptown Charlotte, the NoDa Arts District, and the Little Sugar Creek Greenway, offering easy access to public transportation, including the LYNX Blue Line Light Rail. This prime location, coupled with the recent renovations and high occupancy rate, makes this a truly attractive investment opportunity in a thriving Charlotte neighborhood. The property features an outdoor fire pit and barbeque area. Built in 1966, this fee-simple ownership offers a strong return on investment with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,598,175

  6.5%

  $2,398,315

  7%

  $2,227,007

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,041,021

  Geo Method

  $2,041,021

• Alternative Use

  Use

  Valuation

  Residential

  $2,398,315

  Hospitality

  $2,196,844

  Educational

  $1,827,748

  Medical

  $1,890,607

  Retail

  $2,843,164

Location Insight

City

Charlotte

County

Mecklenburg

State

North Carolina

Latitude

35.2355

Longitude

-80.8178

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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